Consumer Discretionary Volkswagen AG (VLKAY) Follows Tesla Motors, Hints at Electric GTI

Volkswagen AG (VLKAY) Follows Tesla Motors, Hints at Electric GTI

Published By News Desk at January 11, 2017 11:48 am Volkswagen, which is trying to recover from the diesel emission scandal, has hinted at the possibility of an electric version of its popular GTI following Tesla's trail

Volkswagen AG (OTCMKTS:VLKAY) has been trying to recover from the diesel emission scandal which has tarnished its image and dropped its sales. A revival strategy Volkswagen is using is the substantial investment in environment-sparing clean energy vehicles and technology and has vowed to roll out several new electric vehicles under the Volkswagen umbrella.

As a follow-up to that development, VLKAY has said that it could soon launch an electric version of its popular GTI, as it chases an ambitious dream to sell a million EVs to the world a year. Notably, Volkswagen will not change the drivetrain specs for the GTI as a whole but will separately launch an electric GTI, alongside the regular combustion engine versions.

Furthermore, talking to a British magazine, Volkswagen said that an electric GTI is not where things would end for the mega car manufacturer, but rather the beginning. The company stated that it plans to launch at least two to three more EV concepts for the short term, with even more models slotted for the long run.

According to vehicles website The Drive, Volkswagen is likely to show off a concept of an electric SUV at the upcoming Shanghai Motor Show in three months, following which there could be a performance-minded model as a “logical contrast.”

The company also showed off an electric microbus, I.D. Buzz, at the recently-held Detroit Auto Show that the firm says could reach the production.

Tesla Motors Inc. (NASDAQ:TSLA), on the other hand, also has a packed future product pipeline with a mass-market Model 3 slotted later this year, followed by a potential electric mass-market crossover, Model Y.